Northern Arc Capital Limited files Draft Red Herring prospectus with SEBI for IPO to raise funds through issue of equity shares worth Rs 500 crore; offer for sale includes LeapFrog Financial Inclusion India (II) Ltd, Accion Africa-Asia Investment Company, Augusta Investments II, Eight Roads Investments Mauritius II, Dvara Trust, 360 ONE Special Opportunities Fund, and Sumitomo Mitsui Banking; net proceeds to be used for onward lending to under-served households and businesses in India.
Patanjali Ayurved has made a late bid to acquire debt-laden Rolta India with an all-cash offer of approximately ₹830 crore. This bid comes after Ashdan Properties was declared the highest bidder by banks last week. Patanjali Ayurved approached the National Company Law Tribunal in Mumbai, requesting lenders to consider its offer. The tribunal has put the onus on the committee of creditors to decide whether to entertain the bid since it emerged after the completion of the bidding process.
Meta Platforms and Amazon.com added a combined $280 billion in stock market value late on Thursday after the Big Tech duo reported quarterly results that impressed investors, while Apple s value shrank by $70 billion after its results.
Dipan Mehta discusses the factors leading to better performance in the pharma sector, including the confluence of factors and the cooling off of raw material prices. He suggests that investors should consider overweighting the pharma and healthcare sectors for safety. Regarding the QSR space, Jubilant FoodWorks numbers have been unenthusiastic, but Mehta believes the slow growth is transient and recommends remaining invested. As for the interim budget, Mehta highlights the focus on infrastructure and suggests considering engineering construction companies for trading opportunities and beyond 2024.
Earnings before interest, tax, depreciation and amortisation or Ebitda during the quarter increased 38% from a year earlier to ₹3,908 crore. Ebitda margin improved by 190 basis points (bps) to 11.7% from 9.8% helped by easing commodity prices, improved capacity utilisation, cost reduction efforts and improved realisation.